Archive for April 2018

The Tax Cuts and Jobs Act (TCJA) eliminates write-offs for miscellaneous itemized expenses that were previously subject to the 2%-of-adjusted-gross-income (AGI) deduction threshold. That meant your total miscellaneous expenses had to exceed 2% of AGI or you got no write-off. If they did exceed the threshold, you could only deduct the excess. Because most folks did…

Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump in December 2017. While the TCJA affects almost every single individual taxpayer to some degree, the changes also significantly affect corporations and small businesses. In some areas, the impact was purposeful and directed. However, in other ways, the TCJA will have both…